21/02/2014

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:00:00. > :00:00.the latest headlines from BBC World News. Now for the latest financial

:00:00. > :00:21.news with World Business Report. G20 finance chiefs gather in Sydney

:00:22. > :00:24.- top of the agenda, the turmoil in emerging markets Plus - capturing

:00:25. > :00:39.your every move - we look at the booming business of lifelogging.

:00:40. > :00:49.Welcome to World Business Report. Coming up in the programme, Shell

:00:50. > :00:59.continues its sell-off of assets as it tries to win over investors. The

:01:00. > :01:01.meetings haven't begun but already the finger pointing has started.

:01:02. > :01:04.Finance Ministers and Central Bankers from the Group of 20

:01:05. > :01:07.developed and developing nations are gathering in Sydney over the next

:01:08. > :01:10.three days. Topping the agenda - the turmoil in emerging markets sparked

:01:11. > :01:12.by the US Federal Reserve "tapering", or beginning to wind

:01:13. > :01:14.down, its economic stimulus measures. In recent years,

:01:15. > :01:16.developing countries have been gorging on cheap borrowing.

:01:17. > :01:18.According to one estimate, emerging market borrowers raised almost a

:01:19. > :01:21.trillion dollars on international bond markets between 2010 and 2013,

:01:22. > :01:28.taking advantage of rock bottom borrowing costs. Since the Fed began

:01:29. > :01:34.to shift its policy there has been a rout in emerging markets as foreign

:01:35. > :01:37.investors pull their money out. Taking account of falls in the local

:01:38. > :01:42.currency - Indonesian shares are down 18 and a half per cent in the

:01:43. > :01:46.past year. By the same measure, Brazil's market has lost almost 30

:01:47. > :01:54.per cent. And Turkey's main index has fallen by more than a third. So

:01:55. > :01:57.who's to blame? Emerging market leaders have been complaining the

:01:58. > :02:00.Fed has paid too little attention to the impact on them. But on Thursday,

:02:01. > :02:03.IMF Chief Christine Lagarde said they should put their own houses in

:02:04. > :02:08.order and look to problems in their own economies instead of blaming

:02:09. > :02:10.Western monetary policy. UK Chancellor George Osborne also

:02:11. > :02:21.weighed in during a speech in Hong Kong. Together, we have to act now

:02:22. > :02:26.to ensure the emerging market problems don't contribute to a new

:02:27. > :02:30.crisis. And how do we do that? By each one of us putting our own

:02:31. > :02:33.houses in order, and by using the G20 to make sure we all confront our

:02:34. > :02:37.problems instead of running away from them. In recent months, we have

:02:38. > :02:39.seen volatility in several emerging markets, with currencies weakening

:02:40. > :02:42.about to 19%, bond yield spiking about to 11%, and sudden falls in

:02:43. > :02:48.equity markets across Latin America and Asia. Now most emerging markets

:02:49. > :02:59.are much more robust than they were in the late 1990s. And in many

:03:00. > :03:02.cases, flexible exchange rates are functioning correctly as shock

:03:03. > :03:05.absorbers. But if we've learned anything from the recent great

:03:06. > :03:07.recession, it is that this inter-connected global economy means

:03:08. > :03:16.one country's problems can very quickly become everyone else's

:03:17. > :03:26.problem. Nick Beecroft is Chairman and Senior Market Analyst at Saxo

:03:27. > :03:34.Capital Markets. We have heard the arguments that we heard just their.

:03:35. > :03:40.How much impact did US tapering have on emerging markets? Very

:03:41. > :03:44.significant. Whatever the US does is so important that the global

:03:45. > :03:48.economy. It is ironic given that a few years ago there were cries that

:03:49. > :03:58.the US had embarked on currency wars. It is clear from the latest

:03:59. > :04:00.actions of the Fed that they will not change direction, they are

:04:01. > :04:05.mandated with running the US economy not the global economy. We have

:04:06. > :04:10.heard from Christine Lagarde that you should take care of your own

:04:11. > :04:17.economies. How much the point she have? She has a good point. The

:04:18. > :04:24.turbulence has been limited to those economies with somewhat less strong

:04:25. > :04:29.fundamentals. Current-account deficits, high debt, high inflation.

:04:30. > :04:37.The message is from the IMF and from the US, behind the scenes, to try to

:04:38. > :04:40.address those problems. That move away from foreign policy and

:04:41. > :04:46.reliance on the US will have an impact on currencies? We have seen a

:04:47. > :04:53.weakening in a lot of these so-called fragile currencies. May

:04:54. > :05:01.continue -- that may continue but it will not turn into the earlier

:05:02. > :05:05.crises. The G 20 is always interesting. What do you expect this

:05:06. > :05:12.time. There are a lot of countries like Russia and China that are in

:05:13. > :05:20.focus. China will be making it plain that it is trying to rebalance its

:05:21. > :05:27.economy away from export driven growth to domestic consumption. With

:05:28. > :05:32.that comes a slowdown. The Western world, America and so on, will not

:05:33. > :05:44.complain. They have been a seachange in do that for a long time. It will

:05:45. > :05:47.not be a terribly contentious G 20. To the world of technology now where

:05:48. > :05:50.sales of smart watches, smart glasses and other wearable devices

:05:51. > :05:54.are set to increase five fold over the next couple of years. This could

:05:55. > :05:58.mean a new phase for the internet as we gather ever more data about

:05:59. > :06:01.ourselves - where we go, what we do, how many calories we burn up. It's

:06:02. > :06:14.known as Lifelogging - as Caroline Hepker has been finding out.

:06:15. > :06:17.This man has been capturing his entire life were nearly eight years

:06:18. > :06:24.with this small camera that takes photographs every few seconds. The

:06:25. > :06:29.IT research says that this is the next evolution of the Internet. We

:06:30. > :06:36.are developing a search engine for the self. Just like Google indexes

:06:37. > :06:39.100 billion webpages, we will index all of the data that we can get

:06:40. > :06:44.about a person and make a search engine available for them. They can

:06:45. > :06:49.query the last time they had a favourite bottle of wine, whether

:06:50. > :06:53.they park at the airport. It will capture your information for a

:06:54. > :06:57.private matter. But few places can store and analyse so much data, even

:06:58. > :07:03.as cameras have become smaller and more affordable. Other devices are

:07:04. > :07:08.popping up. This is my attempt to track my life. I wear this wristband

:07:09. > :07:16.which tracks my activity levels will stop I also have this, an Internet

:07:17. > :07:20.connected set of weighting scales. The information from these devices

:07:21. > :07:26.goes to my smart device. It is a great motivational tool and 20

:07:27. > :07:30.million wearable devices, from fitness trainers to smart watches

:07:31. > :07:36.and glasses will be shipped this year. The potential is vast. In the

:07:37. > :07:42.past we would have to write down Davies keep logs which was a lot of

:07:43. > :07:44.effort for people, whereas with these Lifelogging technologies you

:07:45. > :07:52.can automatically track these behaviours. It also raises troubling

:07:53. > :08:05.questions about our privacy. But tracking our every move is the new

:08:06. > :08:14.data gold rush. Shell has announced that it is shelling -- selling off

:08:15. > :08:22.its last oil refinery in Australia. What is going on with Shell? They

:08:23. > :08:28.have essentially agreed to sell their Australian downstream business

:08:29. > :08:38.to another firm for $2.6 billion. The sale includes a Shell refinery,

:08:39. > :08:43.780 service stations, boxed fuels, chemicals, lubricants. Shell is

:08:44. > :08:48.looking to dispose of assets as part of a wider strategy that will try to

:08:49. > :08:53.see the company changing emphasis for the new year 2014. The sales

:08:54. > :09:05.come at a time when profits at Shell have been declining. Posted profits

:09:06. > :09:08.last month were $2.9 billion. That was for the October to December

:09:09. > :09:17.quarter. But that is down by nearly 50%. Shell has also had a series of

:09:18. > :09:24.other refining sales around the world. The firm has offloaded a lot

:09:25. > :09:30.of its downstream businesses in Egypt, Spain, Greece, Finland, and

:09:31. > :09:33.lots of other countries. The majority of its staff in Australia

:09:34. > :09:37.will continue to work under its new owner but the deal is subject to the

:09:38. > :09:48.usual regular Tory approvals and expected to close this year. --

:09:49. > :09:51.regulatory approvals. In other news: Royal Bank of Scotland is preparing

:09:52. > :09:54.to withdraw from investment banking and lay off at least 30,000 staff in

:09:55. > :09:57.the next three to five years. That's according to a report in the

:09:58. > :10:00.Financial Times. According to the FT, the restructuring will see the

:10:01. > :10:03.bank refocus on retail, small business and corporate banking. RBS

:10:04. > :10:08.is 82 per cent owned by the UK Government after it received a 75

:10:09. > :10:10.billion dollar bailout in 2008. Let's take a look at the markets

:10:11. > :10:36.now. Magistrates in England and Wales

:10:37. > :10:38.should be based inside police stations, according to an

:10:39. > :10:41.influential think tank. The right-leaning group Policy Exchange

:10:42. > :10:43.says the move would speed up legal proceedings and save money. But the

:10:44. > :10:46.Magistrates Association has called the idea "backward and

:10:47. > :10:47.inappropriate". Our home affairs correspondent, Danny Shaw,